SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.8% on Insider Selling

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 1.8% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $3.86 and last traded at $3.91. Approximately 2,619,193 shares changed hands during trading, a decline of 94% from the average daily volume of 42,690,980 shares. The stock had previously closed at $3.98.

Specifically, insider James Ming Hom sold 16,716 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $67,532.64. Following the sale, the insider now owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other SoundHound AI news, CTO Timothy Stonehocker sold 16,039 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the sale, the chief technology officer now owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 16,716 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the sale, the insider now directly owns 486,989 shares in the company, valued at approximately $1,967,435.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 417,728 shares of company stock valued at $1,815,476. 21.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SOUN has been the topic of several recent research reports. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. DA Davidson raised their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, May 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Monday, May 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Up 1.5 %

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -10.47 and a beta of 2.87. The business’s 50-day moving average is $4.63 and its two-hundred day moving average is $4.06. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $11.59 million for the quarter, compared to the consensus estimate of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. SoundHound AI’s revenue for the quarter was up 72.9% on a year-over-year basis. During the same period last year, the company posted ($0.12) EPS. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Institutional Trading of SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Swiss National Bank raised its holdings in SoundHound AI by 12.0% during the 3rd quarter. Swiss National Bank now owns 351,500 shares of the company’s stock worth $707,000 after buying an additional 37,700 shares during the period. Kestra Advisory Services LLC acquired a new stake in SoundHound AI during the 3rd quarter worth approximately $191,000. Quadrature Capital Ltd acquired a new stake in SoundHound AI during the 3rd quarter worth approximately $457,000. Vanguard Group Inc. raised its holdings in SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares during the period. Finally, IAM Advisory LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $29,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.